Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, today announced that it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers, the m/v Melite, at a gross charter rate of US$16,500 per day, minus 5% commission paid to third parties, for a period of minimum twenty-three (23) to maximum twenty-five (25) months. The charter is expected to commence at the end of January 2011.

This employment is anticipated to generate approximately US$11.4 million of gross revenue for the minimum scheduled period of the charter.

The m/v Melite is a 76,436 dwt Panamax dry bulk carrier built in 2004.